Financial Literacy

Successful Wealth Management – Part 2

Rolf Suey
Part 1 explains the tangible aspects of
successful wealth management. While it is important to have a set of rules or
tools to plan and manage your wealth, it is even more important to have the correct
psychological attributes.


Practical Goal 




As with any other tasks, to be able to manage
and grow your wealth successfully, you need to set goals. When you set a goal,
complete it. Do not set impractical task. Having an impractical task often
disheartened your enthusiasms over time. As a consequence, you will give up
more easily.

If your monthly take home household
income is S$8k, do not set goals of saving S$7k, and then try to cut every
single expense possible as if the world is heading for ultimate poverty. 

Or if
your average take home salary is S$4k and planning to get married in 3 years
time, do not set a goal of investing S$3.5k or even S$3k capital each month. You will need the money in 3 years time and there is no guarantee that your stock capital
can be preserve. Even barring unforeseen crisis, why do you want to
torture yourself with such low expenditure and possibly have people around you start
detesting your “Super Kiam” (stingy or cheap) behavior.


Family


Take care of your family, for they are more important
than your wealth. What is the use of having all the wealth when you have no one to share with?


Opportunity

We desire riches but often when opportunity appears before us, the spirit of procrastination from within urges various delays in our acceptance. In listening to it we become our own worst enemies!


Decision

If the opportunity arises, we need to have the wisdom of making a “payment” – a decision immediately when we are convinced that our bargain is wise!


Good Luck

To attract good luck, it is necessary to take advantage of opportunity.


Action

Men of action are favored by good luck. Action will lead you forward to the successes desired. 

Leisure

It is important to be financially free as early as possible but make sure we are not “suffering” in the process gaining financial freedom.


What is the use of having
all the money and yet being too stingy to spend to experience the things you
love. If you are rich and love travelling, it’s better to see Great Wall,
Eiffel Tower or Pyramid with your eyes rather than seeing them in pictures. If
you are very rich and adore Ferrari, buy one to experience it! Why give yourself so many restrictions in life, we only live once to enjoy the things your love. After you reap what you sow, you are most deserving to enjoy the fruit!

Have you ever come across
people who has tens of millions and yet worry about tens of dollars? These people will only part their wealth with an agenda or when there is a return,
even if it means just few dollars or cents. They are rich in their bank
account but cheap in personality. Ironically I know and heard many cases of such people,
often have children that are lavish and splurge on their wealth. 

It is correct to say, earn and save now and enjoy it later! But if you defer the “later” to retirement in 20 to 30 years time, please pray that you are healthy or accident-free always. Remember life is unpredictable. Refer to my earlier blog where unpredictable death angel summon my broker. Work
hard and then play hard with a balance lifestyle. 

Life is short and how many “ten” years do we really have in life? 

Work, Work, Enjoy! Work, Work, Enjoy! Work, Work, Enjoy! …….

Lastly I
end this post with a song by Jessie
J – Price Tag.

 




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19 thoughts on “Successful Wealth Management – Part 2”

  1. At one stage or another, every man woman or child will be faced with the issue of Wealth Management. Given that its influence pervades our society, its influence on western cinema has not been given proper recognition. Crossing many cultural barriers it still draws remarks such as 'I wouldn't touch it with a barge pole' and 'i'd rather eat wasps' from so called 'babies', obviously.

    Reply

    1. Hi,

      This might sound controversial to some people, but remember, I’ve spent half a lifetime surrounded by people who have achieved great success (financial included), so I know what I’m talking about here…

      Positive thinking is NOT enough to bring you wealth.

      No matter what other self-help experts out there tell you, it is NOT enough.

      Positive Thinking by itself = Future disappointment

      What you need is…

      Positive Thinking + Skills/Mindset + Action = Great wealth

      Here’s how to become a complete and total MAGNET for money…

      ==> The REAL secret to Total Money Magnetism

      If you want to become wealthy then you need to learn how to reprogram your mind to THINK like a millionaire.

      Society has programmed so many incorrect thoughts about how money works that it takes a lot more than just positive thinking for you to become a magnet for it.

      But… If you’re willing to change your way of thinking…

      If you’re willing to forget the well meaning advice from your friends, family, school teachers, and so forth……If you’re willing to implant the brain of a millionaire into your head…

      Then follow this link while it’s still online:

      ==> The REAL secret to Total Money Magnetism

      I couldn’t recommend this any more highly.

      It’s about to change your life for the better, if only you’re willing to take action and follow through with this.

      Enjoy!

      Kind regards,

      [Dr. Steve G. Jones]

      Reply

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